Risk Assessment & Mitigation Flashcards

Which risk analysis technique gathers expert opinions anonymously in iterative rounds to reach consensus?

Answer: Delphi Technique

The Delphi Technique uses anonymous questionnaires sent to experts in multiple rounds, reducing bias and groupthink.

A risk response that involves changing the project plan to eliminate a threat entirely is called:

Answer: Avoid

Risk avoidance involves altering project objectives, scope, schedule, or approach to eliminate the threat completely.

What does the 'S-curve' on a cumulative risk exposure chart typically indicate when it flattens at the top?

Answer: Most known risks have been addressed and residual risk is stable

A flattening S-curve suggests that risk identification and mitigation efforts have captured the majority of project risk, leaving only stable residual exposure.

Which schedule risk metric measures the ratio of earned value to planned value and signals schedule performance?

Answer: Schedule Performance Index (SPI)

SPI = EV / PV; a value below 1.0 indicates the project is behind schedule and may signal schedule risk.

In risk management, what is a 'trigger' (also called a risk symptom)?

Answer: An early warning sign that a risk is about to occur

A trigger is an observable condition or event that signals that a risk is imminent or has occurred, prompting a response.

When applying the risk response strategy of 'enhance,' the project team is trying to:

Answer: Increase the probability or impact of a positive risk

Enhancement is an opportunity response strategy that seeks to increase the likelihood or benefit of a positive risk event.

A contingency reserve in a project budget is best described as:

Answer: Funds set aside for known unknowns identified through risk analysis

Contingency reserves address known risks (known unknowns) identified in risk analysis, while management reserves cover unknown unknowns.